Larry Cook's Life was Bay City's Version of "It's a Wonderful Life"
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Laurence H. Cook, left, in 1940, and right, near retirement in 1987.
Open house in the Lincoln Park subdivision brought out scores of potential buyers as post-war Bay City experienced a housing boom.
The career of Lawrence H. "Larry" Cook at Bay City's Mutual Savings & Loan, now Independent Bank, has many parallels with the classic movie, "It's a Wonderful Life," starring Jimmy Stewart, Donna Reed and Lionel Barrymore.
In the 1946 Frank Capra film, Stewart was a savings and loan executive, just like Mr. Cook.
He helped the town grow. Ditto.
And, he loved the town and its people.
So too with Mr. Cook, who died recently at age 96.
Many of his friends gave tributes to his "wonderful life."In the film, an angel helps George Bailey (Jimmy Stewart) overcome despair by showing him what life would have been like if he never existed.
The houses, commercial buildings, businesses that wouldnot have been there, and the interwoven lives of the people, are among the most memorable scenes in the movie.
Larry Cook in his later years could look over Bay City, perhaps like George Bailey did, and see the homes and families that would never had a chance to live the American dream of home ownership in the same way had it not been for him and his company.
The angel could have taken Mr. Cook down placid tree-lined avenues with rows of picturesque clapboard bungalows, into neat subdivisions teeming with busy and productive people.
Mr. Cook positioned the firm to help the community meet the post-war housing boom, first with the 75-lot Handy Park Defense Housing Project in 1941 on the West Side. The homes on Handy, Webb and Frost drives still look like they were just built recently.
Later Lincoln Park a 55-acre tract in the South End (241 lots sold for $875-1,500 each) and Mutual Country Estates in Monitor Township off Euclid (140 lots, including six apartment buildings totaling 40 units) sprang from the Mutual Savings & Loan operations, providing hundreds of homes in thriving Bay City.
Looking down from above, Mr. Cook and the angel would have been able to see children streaming out to the neighborhood schools, to the gyms and auditoriums for performances, and into stadiums bedecked in caps and gowns for "Pomp and Circumstance" graduations.
The whole Larry Cook "Wonderful Life" saga, and all the details of the birth and growth of Mutual, was set in print by Bay City Times reporter and community historian, the late Les Arndt, who in cooperation with Mr. Cook, wrote a meticulously-documented 384 page book, "Mutual Savings and Loan Association, F.A.: 100 years of thrift and home ownership, 1887-1987."
Born in Three Rivers, Michigan, in 1908, Mr. Cook was graduated from Kalamazoo College in 1930 with a degree in History and Economics. He taught government and accounting and coached for several years at Union City and Ludington.
At Three Rivers Savings and Loan from 1935-39, Mr. Cook was bookkeeper, collector, teller, loan officer and even swept out the place on occasion, becoming the proverbial "indispensible employee."
Harry Kelley, Michigan secretaryof state, later governor, appointed Mr. Cook to the examination staff of the savings and loan division in 1939.
Mr. Cook left his post as a state examiner for the savings and loan industry when he came to Bay City in February, 1940. He had been on an auditing trip to Saginaw when he was recruited by Mutual President Louis Rupff.
S&L's, known as "poor man's banks," had handwritten records for years. Personnel with knowledge of modern methods were needed, especially at fast-growing Mutual, which more than doubled its assets from $1.1 million to $2.6 million from 1935 to 1939. However, Mutual was cited by Federal Home Loan Bank auditors for "confusing records," and ordered to take steps "to safeguard the interest of your shareholders."
Mr. Cook was part of the answer to the record-keeping problem. The genial executive set things right and quickly was promoted to secretary-manager. He was properly primed by experience to put in place new state policies and take the firm toa new level.
Mr. Cook and his wife Helene had two sons, Grant, and Bruce. The family lived -- where else? -- in the Mutual-developed Handy Park. During World War II Mr. Cook served as a U.S. Navy officer 1943-46 on ships in the South Pacific.
Among his many civic endeavors, Mr. Cook was the oldest member of the Rotary Club of Bay City, which he had headed in 1950-51, and attended regularly until just months before his death.
The bank marked its first 50 years just after Mr. Cook joined it. During that time it had survived chaotic times: financial panics, stock market crash, bank failures, money hoarding, business failures and unemployment.
Beginning in the 1960s the firm branched out to Midland, Mt. Pleasant, Essexville, Saginaw, Pinconning, Tawas City, West Branch, Standish, Gladwin and Big Rapids.
It grew from five employees and one office, at 808 N. Jefferson St., to 41 offices and 500 employees in 100 years. The current headquarters at Washingtonand Sixth was formerly the site of the 1859 Forest City Hotel, favorite hostelry of lumberjacks and farmers, then visiting athletes and theatrical players. It was across the street from the famed Woods Opera House, later the Washington Theater. Mutual recorded a century in business in 1987.
Mr. Cook had served as Director and Manager most of his 47-year "Wonderful Life" career, becoming president in 1969 and chairman in 1975. After his retirement in 1988 his son, Bruce Cook headed the firm until its purchase a few years later by Independent Bank Corp. of Ionia.
Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with assets of $2.99 billion. From its headquarters in Ionia its four state-chartered bank subsidiaries serve the financial needs of rural and suburban communities in the lower peninsula. Michael M. Magee Jr. is president and CEO.
Independent Banks provide a wide-range of financial services. Residential real estate mortgage loansas well as manufactured home loans and title services are provided by wholly owned subsidiaries. The banks and subsidiaries operate 107 offices. The firm has three offices in Bay City, on Washington and Euclid avenues and Broadway.###
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donrees43 Says:
On May 07, 2019
at 10:40 AM
I worked for Mr. Cook at Mutual Savings from 1963 to 1972. I was VP in the Bay City main office and then went to Big Rapids to manage that branch when Mutual took it over.
Mr. Cook was the best and smartest man I ever worked for. He was also like a father to me and was always available when needed. Other savings and loan presidents called on him for advise regarding new lending and savings programs. He was that highly regarded in the industry. Again, I was in the business for 50 plus years and never worked for or met a better or smarter man than L.C.Cook. Don Rees |
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